Downtown Office
For Sale
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10 State Street, Reno, NV 89501
Four-story office building offered for sale or lease near the Reno Courthouse.
Property Size18,726 SF
Price / SF$219.76
Days on Market150
Property Features for 10 State Street
General Information
Standard status
Active
Size
18,726 SF
Class
C
Property subtype
Office
Zoning
MD-RD
Building Details
Year Built
1950
Stories
4
Listing Agency:
Dickson Commercial Group
Listed By:
Travis Hansen · License #NV 75595
(775) 351-5578
Source:
Crexi
Added: Apr 10
Changed: Aug 31
Last Checked: Sep 5 at 7:01AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Dickson Commercial Group
Investment Insights
Based on property information with market context.
10 State Street is a four-story office building offered for sale or lease in Downtown Reno. The property is positioned to accommodate a range of office uses, with flexibility for both owner-users and investors.
The building is located in the heart of Downtown Reno, just one block from the Truckee River and steps from the Reno Courthouse.
As a multi-story office asset, the property provides multiple levels of work space within a central downtown setting.
The building is located in the heart of Downtown Reno, just one block from the Truckee River and steps from the Reno Courthouse.
As a multi-story office asset, the property provides multiple levels of work space within a central downtown setting.
Key Highlights
- Four‑story office building offered for sale or lease
- Built in 1950
- Located in Downtown Reno, one block from the Truckee River
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$331,026
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.04%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,620,520
$6.6M
Cap Rate 7%
$4,728,943
$4.7M
Cap Rate 9%
$3,678,067
$3.7M
Market Conditions
NOI Build-Up for 18,726 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$541.6K $28.92/SF
− Vacancy
−$100.2K −$5.35/SF
EGI
$441.4K $23.57/SF
− OpEx
−$110.3K −$5.89/SF
NOI
$331.0K $17.68/SF
Area
Reno, NV
Vacancy
18.50%
Lease Rate
$28.92 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,620,520
Cap Rate 7%
$4,728,943
Cap Rate 9%
$3,678,067
Alternative Uses
Best Use
Office B
$4.73M
$4.14M – $5.52M
NOI $331,026 @ 7.0% cap · market cap 8.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.77M
$5.05M – $6.73M
NOI $403,978 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,599
Businesses Nearby
Explore this area
Business Placement
Demographics for 89501, NV
3,948
Population
2,975
Households
1.3
Avg Household Size
50
Median Age
40%
College-Educated
91%
High-School Grad
0.6 sq mi
ZIP Area
6,580
Density / Sq Mi
$32,990
Median Household Income
$28,774
Median Earnings
$1,089
Median Rent
$379,800
Median Home Value
Market
Vacancy Rate% for Office in Reno, NV
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Four-story office building offered for sale or lease near the Reno Courthouse.
Where is this office building located?
The property is located at 10 State Street Reno, NV.
What is the asking price?
The asking price for this property is $4,115,200.
What are key features of this property?
This property features: Four‑story office building offered for sale or lease; Built in 1950; Located in Downtown Reno, one block from the Truckee River
